Meta Platforms Is Slashing Costs to Counter Slowing Growth
When Meta Platforms (NASDAQ: FB) updated investors with fiscal 2022 first-quarter results on Wednesday, April 27, it revealed revenue growth that's slowing significantly. The company formerly known as Facebook changed its name to signal its changing focus to become a metaverse company.
The massive shift from social media giant to metaverse company is already getting expensive as it ramps up investments in equipment and personnel. But management is telling investors it will lift its foot off the pedal to balance the slowing sales.
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Source Fool.com